Users of this Altcoin are Revolting: They Demand All Tokens Liquidated and Distributed to Them
Jade Protocol, a decentralized autonomous organization (DAO) and investment group focused on early-stage cryptocurrency deals, is facing calls to liquidate its $31 million treasury.
The offer came from a former member using the pseudonym VampireOfCrypto, citing regulatory concerns and a slowdown in Jade’s progress.
JADE, the native token of the Jade Protocol traded on the Avalanche and BSC blockchains, is currently used as an entry ticket to the community. However, under the proposed “Dissolve the DAO” action, JADE will instead become a tool for token holders to cash out.
VampireOfCrypto’s proposal, published on September 25, highlighted the darkening regulatory environment that Jade believes has slowed its progress and poses risks to all DAOs. He pointed out that legal uncertainties and the harsh crypto winter led to a decrease in crypto transaction volume and Jade’s transaction flow.
“The DAO poses a major investment risk for all token holders,” VampireOfCrypto said in the post. He suggested that distributing all treasury funds back to token holders would be a win-win situation for everyone.
However, Kevin Randleman, a senior DAO member, expressed his frustration with the situation on Discord but acknowledged the challenges Jade faced.
*This is not investment advice.
